Taiwanese solid-state battery maker ProLogium Technology is considering raising fresh funding at a valuation of about $2 billion to ramp up growth and investments, people familiar with the matter said.
The electric-vehicle battery supplier, whose backers include Mercedes-Benz and Vietnam’s VinFast, is in talks with potential advisers to raise as much as $300 million, the people said.
The funds would be used for the company’s capital expenditure plans for 2024, one of the people said, asking not to be identified because the matter is private.
ProLogium had previously considered options to go public including merging with a special purpose acquisition company and a traditional initial public offering.
The company is not yet receiving much revenue as it has not started mass production, though it expects to begin as soon as this year, one of the people said.
Deliberations are ongoing and details of the funding such as the size and valuation may change, the people said. A representative for ProLogium did not immediately respond to requests for comment.
In 2021, the company raised $326 million from investors including Primavera Capital and SoftBank Group’s SB China Venture Capital.
ProLogium, founded in 2006, is one of a handful of companies touting advanced solid-state battery technology that is more powerful, durable, faster to charge and safer than traditional lithium ion cells which are used in many electric vehicles.
Seperately, French President Emmanuel Macron is set to announce on Friday that the supplier will build a battery “gigafactory” in northern France, business daily Les Echos reported on Tuesday.
The newspaper said the gigafactory in Dunkirk would involve an investment of 4 billion euros ($4.4 billion) and create 3,000 jobs over time. It said Macron would travel to Dunkirk on Friday.
Reuters contributed to this report